Reidin, the leading real estate information company focusing on emerging markets, released its August residential market overview for Dubai.
The trend we have seen over the last month continues: sale and rental prices are marginally down (respectively -0.63% and -0.86%) versus July.
There were some expectations that prices would go even further down towards the end of the year but this seems more and more unlikely as sales prices have been fairly steady since June.
Also since rental prices fell drastically between April and July especially in well established communities such as Dubai Marina, The Palm Jumeirah and Downtown, the likelihood of them going even further down in the last few months of the year is low.
Buyers and investors on the other hand are still spoiled for choice as developers such as Emaar and Dubai Properties are launching off-plan projects in new areas of Dubai at a fraction of the ready properties with attractive payment plans. Consequently this means owners in the secondary market have to lower their expectations and be open to negotiation should they want to sell rapidly.
The last quarter of 2017 is going to be a key period as it will most than likely outline the trend for 2018 and the run-up to the EXPO2020.
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